Residents for Uttlesford (R4U) has announced that it does not support the £100m loan that UDC intends to take out for property speculation as part of its 2019 budget because it exposes residents to an unacceptable financial risk that could more than double future council tax bills.
R4U’s Paul Fairhurst continued “UDC is a provider of public services not a property speculator and it has shown it makes risky choices by ignoring the expert advice it was given. It exposes the council and residents to huge financial losses as has happened Northampton. The 2018 government inspection into the Conservative-run Northamptonshire Council accused leaders of “weak budgetary control” after they exposed residents to £70m losses, forcing tax hikes and service cuts. If the same were to happen in Uttlesford, residents could see the average council tax bill more than double to an eye-watering £4,400 per year.”
Cllr Paul Fairhurst, who is also a Saffron Walden Town Councillor, added “R4U has been prudent with the budget it controls at Saffron Walden Town Council. Four years ago it inherited a £1m financial black hole left by the departing Tories, who also dumped a load of services on it from UDC for it to run. We put in place a 5-year financial plan to rebuild the town’s finances. Strong governance has fixed the finances ahead of plan, meaning that Saffron Walden has been able to invest in many new services and facilities for residents. Because of this we’ve been able to cap the 2019 town tax increase to 1.5%, half that of UDC’s.”
Paul Fairhurst concluded “But the way the current UDC administration has managed its current investment portfolio is risky and unacceptable. They are gambling with residents’ money. For us to support UDC’s £100m loan, we’d need to see much stricter controls, an independent investment committee, and a properly balanced portfolio of investments. During the debate at the full council meeting we got the Tories to concede there was a problem as they separated out the £100m loan item from the main budget vote. It was approved by the Conservative majority, but after 2 years we have now forced their leader Howard Rolfe to commit to councillors to bring back a proper governance proposal for approval.”
About Residents for Uttlesford
Residents for Uttlesford (R4U) is the local party of towns and villages. The party was formed by a number of residents’ groups in north-west Essex to provide a strong, independent voice for local people. The party believes that on local issues residents should decide, not politicians from Westminster parties.
R4U is the fastest growing local political movement in the district. In 2015 it became the second party at Uttlesford District Council. In 2017 R4U achieved further gains with a 60% share of the vote in a local district council by-election. Success has been based on the group’s desire to give local people a voice and implement long range strategic and sustainable plans for their area.
Residents for Uttlesford also has numerous Town and Parish Councillors. It is the largest party at Saffron Walden Town Council, where under its stewardship the council has rebuilt its finances, invested in community assets, and won multiple awards.
R4U can be found on the web at www.residents4u.org.